Harman International Industries, Inc. (HAR) Tuesday announced it has signed an agreement to acquire Bang & Olufsen Automotive car audio business. Bang & Olufsen sound systems are available in a wide range of Audi, Aston Martin, BMW and Mercedes-Benz car models.
The agreement terms include a purchase price of 145,000,000 euros for the Bang & Olufsen Automotive audio business, as well as license payments for an exclusive license to the Bang & Olufsen and B&O PLAY brands within the automotive industry.
HARMAN said it will assume all Bang & Olufsen Automotive customer programs, and all Bang & Olufsen Automotive development and production resources will be transferred to HARMAN. The agreement remains subject to certain customary closing conditions, including regulatory approvals.
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